Gold Hits $5,000 but Pulls Back on Interest Rate Bets

Gold hit a record $5,035 per ounce, then fell 0.5% as traders recalculated what higher interest rates mean. When banks offer better returns on savings accounts and bonds, gold becomes less attractive—it earns you nothing. Spot prices stabilized at $5,019, showing buyers still want the metal. The clash between long-term gold appeal and near-term rate pressure remains unresolved.